Mathematical Economics

  

 Given the following total revenue and total cost functions for a firm, maximize profit ԯ for the firm as follows (1) Set up the profit function π=TR-TC ,(2)find the critical value(s) where π is at a relative extremum and test the second-order condition, and (3) calculate the maximum profit.

 

                     TR=1500Q-12Q^2                TC=2000+90Q

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